Oakland finalizes sale of iconic coliseum: Here's the Bay Area-based group that will own it
OAKLAND, Calif. (KGO) -- Oakland city leaders are celebrating the new deal to sell the Oakland Coliseum.
The city finalized the agreement on Saturday weeks after the A's finished their deal.
The ballpark will now be owned by the "African American Sports and Entertainment Group," an Oakland-based group of developers and investors.
RELATED: Oakland A's reach $125M deal with local group to sell its portion of Coliseum
The group says they're still working out the future of the site, but they know the Coliseum itself will remain.
"We really couldn't even do a planning permit because we didn't have the sites assembled, so now that we're in a position to do so we're very excited to start the planning," said Ray Bobbitt, founder of African American Sports & Entertainment Group.
Oakland will get $105 million out of the sale enough to avoid major cuts to police and fire departments.
RELATED: Oakland reaches deal to sell share of Coliseum complex
The union for Oakland Police Officers is blasting the city for relying on the sale money to close budget gaps calling it a band-aid.
The Oakland Police Officers Association is demanding city leaders bring in outside help to address the city's financial problems.
